Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory?
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چکیده
منابع مشابه
Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory?
Jack L. Knetsch (1989) reported an important discovery. Using a simple experiment, he demonstrated the existence of asymmetries in exchange behavior. More precisely, when he followed a specific set of procedures to endow subjects with mugs and provided each subject an opportunity to exchange the endowed mug for a candy bar, he found that very few subjects gave up the endowed mug. By contrast, w...
متن کاملDivision of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Asymmetries in Exchange Behavior Incorrectly Interpreted as Evidence of Prospect Theory
Systematic asymmetries in exchange behavior have been widely interpreted as support for endowment e ect theory, that loss aversion associated with ownership creates an asymmetry in valuations and exchange behavior. According to this theory, which is an application of prospect theory, parting with an endowed object produces a loss that is greater than the gain from acquiring another object of ot...
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The purpose of Plott and Zeiler (PZ) (2005) was to investigate whether previously published experiments using consumption goods such as mugs and candy bars to measure gaps between willingness to pay (WTP) and willingness to accept (WTA) support endowment effect theory (EET). Our results demonstrate that the gap for commodities can be turned on and off by implementing procedures designed to cont...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2007
ISSN: 0002-8282
DOI: 10.1257/aer.97.4.1449